Two Trades To Watch: FTSE, EUR/USD - Monday, June 28

The ECB’S Panetta and de Guindos in addition to the Fed’s Williams and Harker are due to speak. 

Where next for EUR/USD? 

EUR/USD sold of steeply last week, hitting a low of 1.1850 before attempting a rebound. The price recovered 125 pips, finding resistance at 1.1975 on June 25, before slipping lower again.  

The price has broken below its week-old ascending trend line. Any upside is also being capped by the 50 sma on the 4-hour chart. 

The MACD appears to be forming a bearish crossover which favours the sellers. 

A move lower would need to break below 1.1920 today’s low to attack 1.19 round number and 1.1890 low June 17. A break below this level could bring the June low of 1.1850 back into focus. 

Any recovery would need to retake the 50 sma at 1.1940 ahead of 1.1975 last week’s high. A move beyond here could see the buyers gain traction and target 1.20 the key psychological level (FXE, UUP).

 

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